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DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF Ltd and Singapore's GIC wealth fund, saw its rental income from office buildings increase 7% annually to INR 3,460 crore in the last fiscal year. DCCDL has an operational rental portfolio of 41.9 million square feet, comprising 37.9 million square feet of office space and 4 million square feet of retail real estate. Rental income from retail assets (malls and shopping centres) increased 18% to INR 865 crore last fiscal year from INR 735 crore in 2022-23. Service and other operating income grew 14% last fiscal to INR 1,489 crore from INR 1,311 crore the year before.
DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF Ltd and Singapore's GIC wealth fund, saw its rental income from office buildings increase 7% annually to INR 3,460 crore in the last fiscal year. This growth was driven by rent appreciation and expansion of its asset portfolio. Advertisement
DCCDL has an operational rental portfolio of 41.9 million square feet, comprising 37.9 million square feet of office space and 4 million square feet of retail real estate.
According to DLF's investor presentation, DCCDL's rental income from office buildings rose to INR 3,460 crore in 2023-24 from INR 3,232 crore the previous year. Rental income from retail assets (malls and shopping centres) increased 18% to INR 865 crore last fiscal year from INR 735 crore in 2022-23. Service and other operating income grew 14% last fiscal to INR 1,489 crore from INR 1,311 crore the year before.
DLF Vice Chairman and MD (Rental Business) Sriram Khattar said that DLF's rental business continues to perform well. Occupancy levels are healthy and vacancy is low. He added that they achieved rental growth from existing commercial assets and outperformed industry benchmarks.
Khattar noted that development of new office and retail properties is progressing well. He stated the rental business is setting new sustainability standards and offers global quality workspaces and malls at lower costs than developed countries.
On the financial front, DCCDL's consolidated revenue rose 9% to INR 5,903 crore while net profit increased 18% to INR 1,690 crore in 2023-24. Its net debt stood at INR 17,903 crore at fiscal end. Occupancy across non-SEZ office space was 97% and SEZ was 86%. Out of the total operational office portfolio of 37.9 million square feet, the non-SEZ is 21.5 million square feet and 16.4 million square feet is in SEZ properties.
Going forward, DLF expects steady recovery in the SEZ segment over next quarters given floor-wise de-notification announcements. It will focus on enhancing ecosystems for new office products and having a positive outlook on the retail segment as DCCDL looks to continue expanding its diversified rental portfolio in the coming years.
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